Russia Shipping Crisis | Putin JUST SHOCKED The West With SECRET Oil Tankers, IGNORES EU Sanctions

#russia #economy #oil


The last several months have seen an abnormally high shift in tanker ownership. According to analysts and maritime industry experts, this is Russia's attempt to transport huge amounts of its oil and companies to profit from Russian sanctions.

The so called 'black' or 'shadow' fleet of oil tankers continues to expand. And they are transporting oil from sanctioned producers like Iran and Venezuela and growing amounts of oil and goods from Russia.

Russia has stated that it would not accept the $60 per barrel price ceiling imposed by the European Union and the G7. They also announced that they would only transact with "friendly" countries prepared to buy their crude oil without requiring insurance from Western firms.

That's why today, we are going to talk about Russia's strategic master plan to dodge the EU and its sanctions.

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Thanks For Watching Our Video; Russia Shipping Crisis | Putin JUST SHOCKED The West With SECRET Oil Tankers, IGNORES EU Sanctions

Now, hundreds of ships, largely older ones destined for scrap, have changed ownership before the EU embargo on imports of Russian crude oil took effect on December 5. And companies that are not part of the EU or G7, such as Dubai-based companies, now operate them.

There has also been an uptick in the number of ships discovered at Russian ports loading oil.

Experts say shipping oil in outdated tankers without insurance protection from EU or G7 is a recipe for disaster. And according to analysts, this is Russia's grand strategy to avoid EU sanctions.

It is now illegal for ships carrying EU flags to transport crude oil from Russia. And since Greek-owned ships carry almost half of Russia's oil exports, the prohibition has led to a severe shortage of vessels able to transport the country's crude.

However, the sanctions affect more than just ships flying the EU flag since they restrict the use of European maritime services. Insurance policies for ships are also included.

You see, almost all marine insurance is provided by firms headquartered in the United Kingdom or the European Union. They include nearly all ships, meaning the embargo may effectively stop oil from being shipped all around the world.

And most ports in and beyond the EU, such as those in India and China, will not accept ships that do not have insurance against crashes or oil leaks.

The EU has also announced that it would suspend insurance and other marine services for non-EU flagged ships discovered transporting sanctioned Russian crude for 90 days.

And due to sanctions, established shipping firms have stopped transporting Russian oil. Therefore, Russia's shadow fleet would easily fill this void.

This fleet would now be insured by a Russian company and would not be subject to EU regulations.

So far, most but not all Russian marine insurance is recognized by ports in India and China. Similarly, several Asian businesses have emerged to insure Russian cargo ships.

Currently, major buyers of Russian crude include China, India, and Turkey. And this shows a significant movement from European Union to non-EU purchasers since the conflict in Ukraine.

Now, research firm Windward monitored vessel routes in August to see how oil tankers smuggled from Russia. In fact, its researchers discovered tankers departing Russian ports on random, illogical trips to the middle of the North Atlantic.

The North Atlantic is a peaceful stretch of water just beyond EU territory. Afterward, they'd switch off their monitoring devices and return to their original departure points without as much cargo.

Basically, a trip without a final port of call signifies a ship-to-ship transfer, during which goods are unloaded at sea, out of sight of government inspectors.

Moreover, the automated identification system or AIS is widely utilized in many industries, yet some tankers tampered with its transmitters.

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